New Data Shows Food Prices Are Slowly Dropping, Including Eggs
Inflation can wreak havoc on every aspect of your financial life, but there is arguably no economic space where the sting of rising cost is felt more than in the aisles of a grocery store. Food is an essential good, so the effects of inflation on grocery items have to be taken on the chin.
2022 was an objectively terrible year for shoppers. The prices of very few foods were unchanged by inflation in 2022. Across the country, the cost of food rose by an average of just under 10%. One of the most obvious signs of inflation was soaring egg prices.
Not too long ago, consumers needed to pay 70% more than they had just a year earlier for a carton of eggs. However, recent information suggests that the prices of some foods have finally begun to go down, so people won't have to shell out massive sums of money for eggs any longer.
Food prices aren't plummeting, but they are slowly falling
While the current economic situation affecting the country is unlikely to abate in the immediate future, American shoppers can at least find solace in the fact that the price of certain consumer goods have, after a year of crushing inflation, seen a small reduction in cost. On average, the price of items including red meat and poultry fell by 0.1% in February, according to Grocery Dive.
The item that saw the most shocking change in cost was the egg, which had come to serve as an avatar for the recent wave of inflation. A carton of eggs would have run you 6.7% less in February than it would have in the previous month. After two years of price increase, omelets are once again becoming an affordable breakfast option.
Unfortunately, many of the foods that you might enjoy alongside your omelet haven't seen the same economic upturn. Nonalcoholic drinks cost 1% more, so your glass of O.J. will still cost a pretty penny. Additionally, the price of cereal and breakfast breads went up by 0.3%, and dairy rose 0.1%. And if you want a piece of fresh fruit, you'll need to contend with a 0.2% increase.